Customer approval: 98%
- Fast no-exam coverage without the high no-exam price
- Term life coverage options from $50,000 up to $1 million
- Coverage backed by A+ rated insurers, each with decades of experience
Shopping for life insurance is never fun. With Bestow, a newer Texas company, buying term life insurance still may not be the most fun you’ve ever had — but it’s easier than ever before and chances are that you’ll find the overall experience to be a pleasant surprise. Many will be especially happy to learn Bestow can provide affordable life insurance coverage without a medical exam.
About the Company
Founded in 2016, Bestow is among a new breed of companies in the insurance industry with a goal of simplifying life insurance coverage, making this essential financial protection both affordable and easy to buy.
Bestow was built on the notion that millions of households wished there was a better way to protect their families and better prepare for a sound financial future. The loss of a loved one is difficult enough in itself. With the loss compounded by financial pressure to pay for funeral expenses as well as ongoing costs, like housing, food, and education, the burden on families can be massive and many are underserved by existing life insurance solutions. Bestow envisioned a new kind of solution, a way to offer ample coverage, affordably — and without an exam.
Online quotes are provided by Bestow Agency, LLC and are available instantly in 49 states (all except New York). Getting a quote takes seconds and binding coverage can be completed in minutes.
Bestow Agency isn’t an insurer. Bestow acts as an agent and underwriter. Life insurance policies purchased through Bestow are provided by North American Company for Life and Health Insurance, an insurer with over 130 years of experience and an impressive resume of financial and consumer ratings.
• “A+” (Superior) A.M. Best
• “A+” (Strong) S&P Global Ratings
• “A+” (Stable) Fitch Ratings
• “A+” Better Business Bureau
Pros/Cons of buying insurance from Bestow
Every business has its target market. If you’re within that demographic, expect Bestow to be a good fit. By definition, that also means that Bestow may not be the best solution for every household. Here are some of the pros and cons.
- Fast, 100% online application process
- Excellent customer support via phone and chat
- Instant approval and issue of insurance policy for many applicants
- Fast quotes: Answer a few basic questions about gender, height, weight, and location and you’ll have your quote in seconds. Then you can adjust your coverage amount and choose the length of coverage you’ll need.
- Fast coverage: Bestow’s application is nearly as fast as its quotes. In minutes, you can complete the entire process.
- No medical exam: Going to the doctor might be even less fun than buying life insurance. Bestow avoids the need for an inconvenient medical exam by using medical data and information you provide to assign a premium and determine eligibility.
- Licensed in 49 states: Get coverage nearly anywhere in the US.
- Affordable rates: We compared quotes and found pricing to be comparable with policies that require an exam and that can take much longer to bind.
- Ample coverage: Choose a coverage amount from $50,000 up to $1 million.
- Non-commission advisors: When working with a licensed agent from Bestow, take comfort in knowing Bestow’s customer care team isn’t trying to sell you anything you don’t need.
- Term life insurance only: You can buy any type of life insurance you want with Bestow, as long as it’s term life insurance. Whole life and universal life aren’t available.
- Age restrictions: New coverage is only available to those aged 21 to 55. Those on the top end of the eligible age range will find term options limited to 2-year or 10-year policies.
- Limited term options: Some competitors offer term option of up to 30 years and have a wider selection of options, like a 15-year policy.
Policy Options and Pricing
Policy riders, like a disability income rider or an accidental death rider, the latter of which pays a higher death benefit for claims due to accidents, aren’t a focus for Bestow. If you need more featureful coverage, you may need to shop with other providers.
Policy lengths come in three choices. Term life insurance offers guaranteed premiums for the term of the policy. Through Bestow, you can choose from these term lengths:
- 2-year term: This policy is designed for those with short term coverage needs, like a taking out a loan or a starting a new business. Expect to pay a bit more per thousand dollars of coverage, but overall premiums may be lower than with longer options.
- 10-year term: Available for all eligible applicants, a 10-year term policy may be a good fit if you are close to paying off your home or will have enough in savings to provide for your family after the term expires.
- 20-year term: The most popular term life insurance length in recent years, a 20-year term life policy is useful for covering the remaining years on a mortgage or for providing for young children. Only applicants age 45 or younger are eligible for the longer 20-year policy.
Application Process and Experience
It’s not just clever copy when Bestow says you can be insured in minutes. Bestow’s life insurance application is a breeze. Expect questions about tobacco use and any recent medical needs. You’ll be asked about your personal medical history, treatments, and diagnoses. In total, you can expect 27 questions, 7 of which are health-related and the balance of which are your personal information needed to bind the policy as well as information about your lifestyle and hobbies.
Here are a few health and lifestyle questions you can expect:
In the past 3 months, have you unintentionally lost more than 20 pounds?
In the past 12 months, have you used any tobacco or nicotine products?
Have you ever tested positive for HIV or been medically diagnosed as having AIDS?
In the past 2 years, have you received disability payments for a period in excess of 3 months?
In the past 10 years, have you been medically diagnosed or medically treated for:
◦ Heart disease
◦ Cancer (excluding basal and squamous cell skin cancer)
◦ Organ transplant
◦ Peripheral arterial disease
◦ Chronic kidney disease
◦ Liver cirrhosis or drug abuse
• In the past 2 years or within the next year, have you or do you plan to:
◦ Pilot an airplane (other than as a regularly scheduled commercial airline pilot)?
◦ Participate in scuba diving deeper than 100 feet?
◦ Participate in automobile racing over 100 miles per hour?
◦ Participate in outdoor climbing requiring specialized equipment?
Similar questions are common for life insurance applications and help insurers to understand risk. In some cases, the information on your application can change your premium or may even affect eligibility for coverage. However, it’s important to be honest in your answers. Insurers can check some information you provide against the Medical Information Bureau (MIB) data. It’s possible that your premiums can change to reflect the risk based on MIB or other data or it’s also possible that your policy could be placed at risk
Bestow Agency, LLC is a young enterprise, but they’re off to a solid start. The company boasts an “A” rating as an accredited business with the Better Business Bureau (BBB) and has zero complaints.
Bestow’s insurers, Munich RE and North American Company for Life and Health Insurance are both rated “A+” with the BBB.
Choosing a life insurance policy is an important part of a sound financial plan. Many households are uninsured and many others only have coverage through a group life insurance plan at work. Group life plans typically don’t provide enough coverage and can be at risk if you leave your job. Bestow takes the angst out of buying a life insurance policy that fits your needs, a policy that you own — and you can get covered in minutes, all without an exam.